Portfolio file

Introduction

An essential part of the Rapptr implementation process is setting up the company structure. The company structure determines how the rules engine aggregates positions and at which level the rules will trigger potential disclosures. 

Like with almost everything else in Rapptr the company structure can be set up directly in the UI via Main Menu - Portfolios. This is the preferred method when monitoring a handful of funds/accounts that all aggregate up to one legal entity (manager).

However, for complex structures, we recommend importing this structure in our specified file format. This article describes the format and the properties that should be included when setting up the file.

Aggregation Level 

The Entities and portfolios you will set up in the system will determine the aggregation level. This will dictate at which legal entity you need to make a filing or complete calculations. 

Entity is defined as the legal structure which has legal title, voting discretion, and/or management discretion over the portfolios.  

Portfolio is a vehicle that holds assets directly. It usually falls within the below four categories: 

  1. Grouping of assets that represent a single portfolio (separately managed account) or fund, (usually with a specific investment objective)
  2. For sub-funds of UCITS umbrella or another commingled fund group with an overarching legal personality, each sub-fund should be delivered as a separate portfolio.
  3. A portfolio might have a legal personality (e.g single UCITS fund, Partnership, LLC) or not (e.g separately managed account)
  4. A portfolio might represent one individual/institution, or might represent a fund (collective investment scheme)

Aggregation Structure 

The most important aspect of the Portfolio File is aggregation. The aggregation is modeled in the file in the columns called LegalParentID, VotingParentID, and ManagementParentID (for detail on what the Management, Voting, and Legal structures represent, please see the article: Rapptr Aggregation Framework). This column dictates which assets/portfolios should aggregate up to which entities/managers. It is further used to model corporate structures.

The setup uses PortfolioId to specify which entity a portfolio should aggregate up to, i.e. the parent of the portfolio. An example of the setup is displayed below: 

Portfolio_example.png

When uploading this file to Rapptr the aggregation structure will look like the following.  

Portfolio_UI.png

It is important that the aggregation structure is set up correctly, as this determines at which level the disclosures will trigger. See the article: Rapptr Aggregation Framework for further details.

For a deeper description of the values accepted for these properties, please see our documentation page here.

Required vs. Optional

When modeling the company structure, the columns in the first figure are sufficient. These columns (except RuleFolders) are required for the file to pass the Rapptr validation procedure and successfully upload. 

However, there are also "Rule Properties" and "Form Properties" that should be set to enable the full functionality of the Rapptr engine and document generator. These can be set up in the UI by viewing the portfolio details under the tabs displayed below.

mceclip0.png

The Rule Properties and Form Properties can also be uploaded in the portfolio file. Uploading them in the file is simple - you should create a column in the .csv file with the name displayed in Rapptr and fill in the information in this column.

Here is an example of a portfolio file. As the portfolios file is in .csv format, the ordering of the columns does not matter (e.g. if PortfolioName was sorted before PortfolioId). Portfolios can only be uploaded via the Portfolios screen by selecting Import and cannot be uploaded via Admin > Upload > Upload Positions.

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